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China says ‘it is only polite to reciprocate’ to US tariffs

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Containers are stacked at a port on March 1, 2016 in Lianyungang, Jiangsu Province of China

China Foto Press | Getty Images

Containers are stacked at a port on March 1, 2016 in Lianyungang, Jiangsu Province of China

China on Tuesday condemned the U.S. announcement of tariffs on $50 billion worth of Chinese imports and said it would “take corresponding measures of equal scale and strength against U.S. products.”

“The Chinese side strongly condemns and firmly opposes the unfounded Section 301 investigation and the proposed list of products and tariff increases based on the investigation,” a Chinese embassy statement said.

“As the Chinese saying goes, it is only polite to reciprocate. The Chinese side will resort to the WTO dispute settlement mechanism and take corresponding measures of equal scale and strength against U.S. products in accordance with Chinese law.”

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Cathie Wood’s ARK Innovation ETF falls to new low for the year

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Cathie Wood’s flagship fund Ark Innovation hit its lowest point of the year on Monday amid further selling in innovation stocks.

Ark Innovation‘s 5% drop on Monday dragged the “disruptive innovation” ETF below its March low, a level that many investors are watching as a barometer for the larger tech sector.

Ark Innovation is now nearly 35% off its most recent high: $159.70 on Feb. 16.

Wood’s core ETF is now down more than 13% this month and more than 16% year to date.

Some of Ark Innovation’s top holdings took big hits on Monday as the Nasdaq Composite dropped more than 2.5%. Tesla fell 6.4% and Teladoc Health dropped 6.6%. Square and Roku fell 7.3% and 4.9%, respectively. DraftKings declined 6.4% and Zillow lost 5.1%.

Wood told CNBC on Friday that she loves the setup for her ETFs following the most recent sell-off in technology stocks. She said she envisions her strategies posting a compound annual rate of return of 25% to 30%.

“I love this setup,” Wood said Friday on CNBC’s “Closing Bell.” “The worst thing that could have happened to us is to have the market narrowly focus on just our ilk of stock — the innovation space.”

However, more than $1.1 billion of fund flows have left Ark Innovation this month. Ark Invest — including its five core ETFs — has lost about nearly $2 billion in investor dollars in May, according to FactSet.

200-day moving average long gone

Ark Innovation broke below its 200-day moving average, a key technical level watched by traders that is essentially the average of the past 200 closing prices.

“The issue with ARKK and other speculative growth ETFs is that short-term rallies have been aggressively faded for three months now,” Frank Cappelleri, Instinet executive director, told CNBC. “The ETF will have to do more than just bounce for a few days to convince traders otherwise.”

“In other words, simply getting back above the 200-day moving average won’t mean much without upside follow through. That continues to be the biggest concern,” Cappelleri added.

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Ford names new F-150 electric pickup Lightning with plans to reveal it May 19

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Ford’s all-electric F-150 will be called Lightning. The all-new F-150 Lightning will be revealed May 19 at Ford World Headquarters in Dearborn and livestreamed.

Ford

DETROIT – Ford Motor’s upcoming all-electric F-150 pickup truck will be called Lightning, a name used by the automaker for street performance trucks in the 1990s and early 2000s.

Ford released the name Monday along with plans to unveil the truck at 9:30 p.m. EDT on May 19. The reveal will take place at the company’s world headquarters in Dearborn, Michigan. It will be broadcast across social media platforms as well as 18 high-profile public spaces such as Times Square in New York City and Las Vegas Boulevard, the company said.

All-electric pickups are expected to be important growth areas for automakers in the coming years, particularly for commercial business to rental fleets, companies and governments. Ford has promised its pickup will be a true work truck in an attempt to differentiate it from other competitors such as the Tesla Cybertruck or GMC Hummer EV.

Ford CEO Jim Farley gave a nod to Tesla as well as Toyota Motor for their contributions to electrification in a press release on Monday announcing the company’s plans.

“Every so often, a new vehicle comes along that disrupts the status quo and changes the game … Model T, Mustang, Prius, Model 3. Now comes the F-150 Lightning,” Farley said in a statement. “America’s favorite vehicle for nearly half a century is going digital and fully electric.”

Farley said the F-150 Lightning will be able to “power your home during an outage; it’s even quicker than the original F-150 Lightning performance truck; and it will constantly improve through over-the-air updates.”

Production of the pickup is scheduled to begin next spring at Ford’s Rouge Electric Vehicle Center in Michigan, Ford said. It’s expected to arrive in dealerships by mid-2022.

The F-150 Lightning is due out months after other electric pickups such as the GMC Hummer EV, Tesla Cybertruck and start-ups such as Rivian and, potentially, Lordstown Motors. All of the vehicles aside from Lordstown’s Endurance pickup, which is targeted at fleet customers rather than individual consumers, are expected to be “lifestyle” vehicles rather than work trucks. General Motors also has confirmed plans for an electric Chevrolet pickup that’s expected to be focused more on traditional truck customers than lifestyle buyers.

Correction: Ford used the Lightning name for street performance trucks in the 1990s and early 2000s. A previous version of this article misstated when it was last used.

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Colonial Pipeline says it aims to restore service by end of the week

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Holding tanks are seen in an aerial photograph at Colonial Pipeline’s Dorsey Junction Station in Woodbine, Maryland, May 10, 2021.

Drone Base | Reuters

Colonial Pipeline said Monday afternoon that parts of its system are being brought back online, and it hopes to restore service by the end of the week.

“Segments of our pipeline are being brought back online in a stepwise fashion, in compliance with relevant federal regulations and in close consultation with the Department of Energy, which is leading and coordinating the Federal Government’s response,” the company said in a statement.

The company said the situation “remains fluid and continues to evolve,” and that it’s following an incremental process that will return sections to service based on a phased approach.

“This plan is based on a number of factors with safety and compliance driving our operational decisions, and the goal of substantially restoring operational service by the end of the week,” the company said.

Gasoline futures were slightly higher early Monday afternoon on Wall Street, after spiking to their highest level in around three years during overnight trading.

“The initial price movement was a knee-jerk reaction, expecting severe or prolonged impacts to gasoline, and heating oil and other product supply,” said Darwei Kung, head of commodities at DWS Group. “I think people are looking at the situation right now, and understanding that the disruption probably is not nearly as severe as the initial knee-jerk reaction would imply.”

Colonial Pipeline, which operates the largest fuel transmission line from the Gulf Coast to the Northeast, “halted all pipeline operations” on Friday night as a proactive measure following a ransomware cyberattack. A criminal group criminal group known as DarkSide was responsible for the attack, the FBI confirmed.

The company said Sunday evening that some of its smaller lateral lines between terminals were once again online, but that its main lines were still shut down.

The pipeline is a critical part of U.S. petroleum infrastructure, transporting around 2.5 million barrels per day of gasoline, diesel fuel, heating oil and jet fuel. The pipeline encompasses more than 5,500 miles and carries nearly half of the East Coast’s fuel supply. The system also provides fuel for airports, including in Atlanta and Baltimore.

Colonial Pipelines systems map

Source: Colonial Pipelines

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